开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)|3.2.5(安卓)APP下载

FrankSun · 2022年02月09日

承接上一个小题关于g的问题

* 问题详情,请 查看题干

NO.PZ201710200100000107

问题如下:

7. Based on the relationship between the implied growth rate and the sustainable growth rate, Peters’ team should conclude that Company JZY’s stock price is most likely:

选项:

A.

undervalued.

B.

fairly valued.

C.

overvalued.

解释:

C is correct.

The sustainable growth rate of JZY stock = g = Retention ratio × ROE = 0.60 × 0.0817 = 4.9%. JZY stock’s implied growth rate of 5.3% is higher than the sustainable growth rate of 4.9%. Consequently, the stock is overvalued—that is, the intrinsic value of the stock will be less than its current market price. The current intrinsic value of JZY stock is as follows:

V0 = [D0(1 + g)]/(r g)

= [0.84 (1.0490)]/(0.08 – 0.0490)

= US$28.42 < US$32.76.

比如这道题,implied的g更大(市场的更大,价格更大),所以高估,对吧?

FrankSun · 2022年02月09日

李老师平时讲的是,如果implied g是10%,expected 15%, 这个时候,我们要想,10%就合理了,市场给我15%,所以低估了。也就是说,expeced 15%是市场,implied是分析师的,那么就很难理解了啊...

1 个答案

王园圆_品职助教 · 2022年02月09日

嗨,努力学习的PZer你好:


同学你好,不要被名字所迷惑,要抓问题的本质——哪个g对应value?哪个g对应price?找对这个答案,离做对就不远了~~

这道题中,implied growth rate对应的是price不是value

而sustainable growth rate对应的才是 value。

所以price高于value就是被高估~~

----------------------------------------------
加油吧,让我们一起遇见更好的自己!

FrankSun · 2022年02月22日

老师,我其实看了您的回答,我也觉得是对的,而且也相同了。但是今天回顾mock题,又发现问题了。 关于这个问题,麻烦您看一下2021年mock题的视频(应该是8月的那个,就是2021年的第一套),session 2 - set 06 Fixed-Income的第四个问题,发亮老师讲的又是反的...能够帮忙解释一下吗? 谢谢

FrankSun · 2022年02月22日

提问不能撤回,是我看错了。谢谢老师

  • 1

    回答
  • 1

    关注
  • 524

    浏览
相关问题

NO.PZ201710200100000107问题如下7. Baseon the relationship between the impliegrowth rate anthe sustainable growth rate, Peters’ teshoulconclu thCompany JZY’s stopriis most likely:A.unrvalueB.fairly valueC.overvalueC is correct. The sustainable growth rate of JZY sto= g = Retention ratio × ROE = 0.60 × 0.0817 = 4.9%. JZY stock’s impliegrowth rate of 5.3% is higher ththe sustainable growth rate of 4.9%. Consequently, the stois overvaluethis, the intrinsic value of the stowill less thits current market price. The current intrinsic value of JZY stois follows:V0 = [(1 + g)]/(r – g)= [0.84 (1.0490)]/(0.08 – 0.0490)= US$28.42 US$32.76.如何根据b和推导g?

2024-09-28 22:31 1 · 回答

NO.PZ201710200100000107 问题如下 7. Baseon the relationship between the impliegrowth rate anthe sustainable growth rate, Peters’ teshoulconclu thCompany JZY’s stopriis most likely: A.unrvalue B.fairly value C.overvalue C is correct. The sustainable growth rate of JZY sto= g = Retention ratio × ROE = 0.60 × 0.0817 = 4.9%. JZY stock’s impliegrowth rate of 5.3% is higher ththe sustainable growth rate of 4.9%. Consequently, the stois overvaluethis, the intrinsic value of the stowill less thits current market price. The current intrinsic value of JZY stois follows:V0 = [(1 + g)]/(r – g)= [0.84 (1.0490)]/(0.08 – 0.0490)= US$28.42 US$32.76. 怎么判断哪个g才是implieg?(李老师上课讲过,implieg相当于是用公式反推出来的g,用它跟expecteg对比,如果implieg更大,说明高估),那这题该如何判断呢?

2023-06-14 22:41 1 · 回答

NO.PZ201710200100000107 老师 5.3%这个条件是用不到是吗

2021-07-11 17:28 1 · 回答

Over the past 10 years, the company’s return on equity (ROE) haverage8.17% anits payout ratio haverage40%. 请问为从哪里可以看出,用过去10年的平均数据计算的g就是sustainable growth rate?

2020-04-06 21:36 1 · 回答